J AND K GRAMEEN BANK vs SH. KULRANJAN SHARMA on 25 August 2026

ORDER

1. On 26.03.2016, J and K Gramin Bank, filed the suit for the recovery of ₹81,04,423/- with interest against Sh. Kulranjan Sharma and others (defendants) in the Court of Learned District Judge, Jammu. However, vide order dated 14.09.2022, Additional District Judge, (Bank Cases), Srinagar, transferred this suit to DRT-I, Chandigarh.

2. Bank’s case is that on 29.09.2011, it had granted a loan of ₹59.17 Lacs to defendant No.1 in the form of Term Loan for Vehicle purpose. To secure the loan, Defendant No.1 had mortgaged his property and hypothecated five vehicles (fully detailed in para Nos.2 and 5 of the application and Annexure-PJ). Defendant Nos.2 and 3 stood as guarantor for the loan facility vide Guarantee Agreement dated 29.09.2011. The

loan was chargeable to interest @14.50% per annum with monthly rests. On 15.03.2016, a sum of ₹81,04,423/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, the suit.

3. The Civil Court sent summonses to the defendants by registered post which were duly served. After transfer of this suit, summonses were sent to the defendants which were duly served. However, they did not put in appearance. Vide order dated 20.05.2025, they were proceeded ex parte.

4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Ajay Kumar Gupta, Authorized Officer, along with the original loan and security documents.

5. I have perused the evidence on the record. I am of the considered view that the Bank has proved its case that it had advanced the loan of ₹59.17 Lacs and on 15.03.2016, a sum of ₹81,04,423/- was due.

6. Accordingly, the case of the bank for the recovery of ₹81,04,423/- (Rupees Eighty One Lacs Four Thousand Four Hundred Twenty Three Only) with interest @14.50% per annum with monthly rests from 26.03.2016, till the date of payment is hereby allowed with costs. The liability of all the defendants would be joint and several. Bank can recover its dues by the sale of mortgaged property and hypothecated vehicles fully detailed in para Nos.2 and 5 of the application and Annexure-PJ as well as from the personal movable and immovable property(ies) of the defendants.

7. Pending IAs, if any, stand disposed of.

8. Recovery Certificate be issued accordingly.

9. Parties are directed to appear before Recovery Officer on 28.09.2026.

10. A Copy of this order along with Recovery Certificate be sent to the Recovery Officer as well as the parties.

Pronounced in the open court.

(A S Narang) Dated: 25.08.2026 Presiding Officer DRT-1, Chandigarh MANOJ KALRA